TIB - July 1996

GST and finance leases - classification, method of accounting and treatment of residual value clause

Provisional tax use of money rates decreased

Undersea maintenance equipment - draft depreciation determination

Foreign investment funds - deemed rate of return announced

LPG (propane and butane) cylinders - depreciation

American Express Membership Rewards programme (BR Prd 96/16)

Questions we’ve been asked

• Income Tax (Withholding Payments) Regulations 1979: Engaging a limited company as a real estate salesperson
• Tax Administration Act 1994: Disbursements for private and product rulings

Legal decisions - case notes

• Restraint of trade and inducement payments - assessability: IG Fraser v CIR
• High Court Sheriff accounting for GST: Sheriff of NZ High Court v CIR
• Property sales - assessability: TRA 93/144
• Land sold by partners to company - no GST liability: TRA 95/46